KUALA LUMPUR: Glenealy PLANTATION []s (Malaya) Bhd's wholly owned sub-subsidiary Timor Enterprises Sdn Bhd is disposing its oil palm mill to Samling Plantation Sdn Bhd for RM19.8 million cash as part of Glenealy's plan to streamline its operations.
Samling is a 70% owned subsidiary of Timor.
Timor's business activity is the operation of oil palm plantation, oil mills and quarry operations, while Samling operates oil palm plantation.
In a filing to Bursa Malaysia on Tuesday, Dec 28, Glenealy said Timor plans to apply the proceeds from the disposal for the development of its existing oil palm estates in Sarawak and other viable investments opportunities to be identified.
The company said it intends to fully utilise the proceeds from the disposal within 12 months from the completion date of the sale.
'The disposal of Belaga Palm Oil Mill (BPOM) to Samling is to streamline the operations of Glenealy.
'Currently, Timor leases BPOM to Samling. With the acquisition of BPOM, Samling will own the palm oil mill which is located in the oil palm estate,' it said.
Samling is a 70% owned subsidiary of Timor.
Timor's business activity is the operation of oil palm plantation, oil mills and quarry operations, while Samling operates oil palm plantation.
In a filing to Bursa Malaysia on Tuesday, Dec 28, Glenealy said Timor plans to apply the proceeds from the disposal for the development of its existing oil palm estates in Sarawak and other viable investments opportunities to be identified.
The company said it intends to fully utilise the proceeds from the disposal within 12 months from the completion date of the sale.
'The disposal of Belaga Palm Oil Mill (BPOM) to Samling is to streamline the operations of Glenealy.
'Currently, Timor leases BPOM to Samling. With the acquisition of BPOM, Samling will own the palm oil mill which is located in the oil palm estate,' it said.
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